North Carolina Down Payment Assistance Systems

Payments Gateway - These programs will be the Mortgage Credit Certificate along with the Down Payment Assistance Program.

If you qualify for one of those plans and you buy a property between December 1, 2009 and January 1, 2009, you can even be eligible for the $8,000 tax credit merely enacted into law.

First, who's a First Time Home Buyer? There is a First Time Home Buyer someone who hasn't owned a house in the previous three years. This is exactly the same qualifying definition.

A Mortgage Credit Certificate (MCC) is a national tax credit to help home buyers with moderate and low incomes. All home owners can claim an itemized deduction. The MCC takes this a step farther.

It is possible to claim 20% of the interest you pay on your mortgage as a credit on your own federal income taxes, should you qualify for the MCC. You can save up to $2,000 on your taxes.

If you do qualify for 2009, for the MCC, you may have the ability to join this. This might reduce the tax liability of a buyer's .

Who Qualifies for an MCC?

Who qualifies for an MCC is based in your income and the purchase price of the house you're buying. Household income means the “gross income of the mortgagor and any individual anticipated to reside in the residence who is 18 years of age or older.”

House price limitations that apply in Durham, Orange and Chatham Counties and the income are listed below.

MCC Income Limits 1 Individual $61,500 2 Men $61,500 3 Persons $70,500 4 Men $70,500

MCC Sales Price Limits New House $220,000 Existing Residence $210,000

The purchaser just needs to pay $1,000 of their own funds and the load would pay around .

This plan has more stringent income limitations than the MCC program outlined above. Like the MCC program, it may be used together with the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The down payment help, however, can't be applied together with the MCC. That is an either or situation.

House price limitations that apply in Durham Orange and Chatham Counties and the income are given below.

Down Payment Assistance Income Limits

1 Person $39,950 2 Men $45,650 3 Individuals $51,350 4 Men $57,050

Down Payment Assistance Sales Cost Limits New Home $210,000 Existing House $210,000